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These AI Crypto Tokens Are Outperforming Nvidia’s 130% Surge – DL News
- Nvidia hit a new all-time high on Tuesday.
- The AI token industry’s trading volume has grown by 2,500% over the past five months.
- At the same time, Binance has lost its dominance of AI tokens.
Nvidia is in tears.
The chip company hit a new all-time high on Tuesday. Valued at nearly $3 trillion, Nvidia has seen its stock rise a whopping 130% since January 1st.
But this pales in comparison to some crypto projects involving artificial intelligence.
Surpassing Nvidia
Nvidia has grown nearly double that of Bitcoin since the start of the year, but some crypto tokens associated with AI technology have kept pace with – or even outperformed – the company over the same period.
Fetch.AI grew more than 200% and SingularityNET grew by 190%.
Meanwhile, Akash Network and Render Network are both up about 120%. And Near Protocol, the industry laggard, still achieved an impressive 100% performance.
Even so, the price correlation between AI tokens and Nvidia remained relatively low after hitting a multi-month high in February, research firm Kaiko said.
In other words, while both are risky market plays, AI tokens have not necessarily been affected by Nvidia’s price action lately.
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In fact, Worldcoin’s token, WLD, has been more closely related to Nvidia than the AI-adjacent tokens mentioned above.
This despite the fact that World currency markets itself as an identity protocol, not specifically as an artificial intelligence project, despite being co-founded by OpenAI CEO Sam Altman.
Meanwhile, the industry’s weekly trading volume increased 2,500% from an all-time low of $300 million in 2023 to $8 billion on average, according to Kaiko.
Binance market share
Binance, which was the leading exchange for trading AI tokens, has seen much of its market share vanish.
The cryptocurrency exchange, which processed more than 70% of the industry’s trading volume at the start of 2023, now controls just 39% of the market, Kaiko said.
Platforms that benefited from the industry’s growth, Kaiko said, were U.S.-based exchanges – primarily Coinbase – and South Korea.
Drivers of the cryptocurrency market
- Bitcoin fell about 1% in the past 24 hours to $67,849.
- Over the same period, Ethereum fell by about 2% to around $3,815.
What we are reading
Tom Carreras is a markets correspondent at DL News. Do you have a tip on Bitcoin ETFs? Please contact tcarreras@dlnews.com